Why are home insurance costs up so much?

Home insurance costs have climbed mainly because insurers are pricing in more frequent and more severe storm and flood losses across the coastal Southeast, alongside higher reinsurance costs that get passed through to policyholders. Some insurers have pulled back from writing new coastal policies altogether, which reduces competition and pushes remaining quotes higher for everyone left in that market. Rising material and labor costs for storm repairs have also pushed up what an insurer expects to pay on an average claim. Brian Beatty can point Lowcountry owners toward agents who shop several carriers for a specific property.